If you aren’t familiar with the bail bonds process, you may not realize that you often need to offer up collateral for a bail bond, particularly if the bail amount is set very high. This is because, when we act as your bail bond agency, we are assuming the liability for the full bail amount on your behalf, even if you cannot pay the entire amount right away. The bail money is held until your case is closed, and then the amount is returned to you, less our fee (usually a set percentage).
To be able to provide bail bonds, we need assurances that you or your loved one will actually show up at any required court appearances. That’s where collateral comes in. This gives us the assurance we need to issue the bail bonds you require. You might have access to more available collateral than you realize.
Here are the main options you can use as collateral for bail bonds:
- Cash: You can provide cash as collateral, as well as certified checks, cashier’s checks or money orders.
- Savings: If you have a savings account or certificate of deposit that is clearly and properly assigned to you, it can provide the necessary collateral. Stocks and bonds are another viable option.
- Real Property: If you own land, property, or vehicles with no loan or lien, they can be used for collateral. Even if there is a mortgage, if you have sufficient equity in the property, it may be enough. Valuable jewelry like gold or diamonds, as well as other high value items may also be used.
If you have any questions about what you can use for collateral for your bail bond needs, don’t hesitate to contact us at Alpha Bonding.